EU countries have called for a freeze on Russia’s access to special drawing rights

Countries of the European Union have put forward a proposal to restrict Russia’s access to the International Monetary Fund (IMF) funds in case of Russia’s “invasion” of Ukraine, the Financial Times reports

EU countries have called for a freeze on Russia's access to special drawing rights

According to the publication, Russia may be frozen access to the Special Drawing Rights (SDR), which is the IMF’s unit of account.

The paper also notes that these sanctions could hurt Russia’s largest banks.

They also discuss the possibility of disconnecting Russia from SWIFT, the interbank system for transferring information and making payments.